Nigeria's insurance commissioner, Mr Olusegun Omosehin, has said that although takaful currently represents 1-2% of the insurance market, the future outlook is promising, considering the average annual growth rate of over 34% in contribution generated by the segment in the last four years.
The Khyber Pakhtunkhwa provincial government will establish a takaful company to operate a proposed universal life insurance scheme.
Saudi Arabia is expected to see an increase in mergers and acquisitions (M&A) in its insurance sector as the GCC region enters a significant consolidation phase.
The 11th Middle East Insurance Industry Awards (MIIA) honoured 19 exceptional winners yesterday in a ceremony at Altantis the Palm, Dubai, United Arab Emirates.
The life insurance market in Egypt is not yet saturated, with the sector's contribution to GDP being less than 1%, indicating huge growth opportunities, Misr Takaful Life Insurance Company managing director Abeer Helmy Saleh said.
The latest financial results of 77 listed insurers across the GCC reveal a general decline in underwriting performance, with the Net Combined Ratio (NCR) rising by 1.3 percentage points, according to the "Q3 2024: GCC Performance Periodical" by Insurance Monitor in association with Lux Actuaries and Consultants.
Noor Takaful Insurance has revealed that it is considering a listing on the capital market.
Listed insurers' combined profit before tax increased by 8% to AED2.0bn ($544m) in the first nine months of the year, compared to AED1.8bn in the first three quarters of 2023.
Nigeria's National Insurance Commission (NAICOM) is promoting Islamic finance, including takaful, as a key solution to address shortcomings of traditional financial systems.
Zurich Takaful Malaysia Berhad (ZTMB) has introduced MediAfya+, a new takaful medical plan aimed at offering more comprehensive healthcare coverage for Malaysians.